TOP BUSINESS AND IT SOLUTIONS

5F Ricogen Building
112 Aguirre Street
Legaspi Village, Makati City,
Metro Manila, Philippines
Telephone +63 (2) 659 4170
Facsimile +63 (2) 817 4074

1 September 2016

Ms. Zenny S. Rosel

President
Zentech Global Development, Inc.
37th F 6801 Ayala Avenue, Makati City
Subject: Proposal for Outsourced Accounting Services

We are pleased to submit herewith a proposal letter to provide bookkeeping services. This proposal
letter covers engagement scope of work, timeframe, responsibilities and limitations, and professional
fees based on our understanding of your requirements.
Scope of Work:
Service Description & Deliverables
GENERAL ACCOUNTING

Due

1. BOOKKEEPING
We will gather your business documents to be
recorded. These business documents include,
but not limited, to the following:
a) Invoices
b) Receipts
c) Payslips
d) Bank statements
e) Vouchers
f) Payroll Registers
g) Billing statements
h) Purchase orders

Monthly Retainers
Fee: PhP 15,000.00
Discount (10,000.00)

Net Fee PhP5,000.00

After gathering your documents, sorting, filing,

recording and reconciliations will be done. We
record all your submitted business documents up
to the last centavos. We ensure that all important
details are accounted for such as the name, date,
amount, description and reference number.

2. MONTHLY FINANCIAL REPORTING

These financial reports are, but not limited to the
following:
a) Trial Balance
b) Comparative Balance Sheets (Yearly)

Fee Structure

To be accomplished at
least 3 days prior to
deadline

c) Comparative Income Statements

(Monthly and Yearly)
d) Monthly Sales and Expense Trends
e) Copy of filed government reports
3. TAX COMPLIANCE & MANAGEMENT
Monthly computation and preparation of the Every 10th of the month
following BIR tax returns:
To be accomplished at
a. Monthly Withholding Tax Return on Income least 5 days prior to
deadline
payments (1601-E)
b. Monthly Withholding Tax Return on
compensation (1601-C)
BIR Deadlines:
c. Monthly/Quarterly VAT Returns with VAT 1. 1601-E/C within 10
Relief (2550M/Q)
days after the end of
d. Quarterly Income Tax Returns (1702-Q)
the month;
e. Certificate of Creditable Tax Withheld At 2. 2550M - within 20
Source (2307)
days after the end of
the month;
3. 2550Q - within 25
days after the end of
the quarter;
4. 1702-Q within 60
days after the end of
the quarter;
5. 2307 within 10
days after the end of
the month
Deliverables by the Company:
1. To submit transactional records every
week (Thursday of the week).
The foregoing service engagement considers the following assumptions:
1. That the amount of above engagement fee is inclusive of Value Added Tax (VAT);
2. The monthly retainer fee is payable within the first week of each month and subject to ten
percent (10%) annual escalation fee.
3. Then client agrees to appoint one key personnel to whom we shall direct queries and
coordinate our requirements to enable us to perform our services.
4. All services, outside the scope of work enumerated herein or beyond the number of hours
agreed, that you will require us to do shall be billed separately. The said services shall be
agreed with you before commencement. This shall be computed at hourly rates of the persons
performing the services rendered. The rate are as follows:
Designation
Partner
Supervisor
Associate

Rate / Hour
PhP4,000.00
PhP1,500.00
PhP1,000.00

(2)

5. In addition, fees are inclusive of out-of-pocket expenses (OPEs) that will be incurred during the
engagement. These will include cost of long distance travel, hotel accommodation to be
incurred in the performance of our services, local transportation, materials and supplies,
computer time, reproduction of draft and final reports, and other incidental expenses incurred
in relation to this engagement.
6. Upon termination of the contract, we have an exit fee of PhP10,000 that will cover the
turnover of all accounting files, and assist the succeeding accountant to ensure a smooth
transition for a period of one month.
Steps written in the Scope of Work are suggested but are subject to agreement of management before
we actually perform them.
We will also make ourselves available to handle corporate and other accounting matters that you may
refer to us. We shall also be willing to provide you with your required technical assistance in pursuing
and/or negotiating any major transaction or special business project of interest to you, both here and
abroad. We may also perform research, i.e. feasibility studies, and render opinion as you may request.
However, the foregoing cases and other accounting matters that is not covered by the scope of work
shall all be classified as Special Projects and will be covered by a separate agreement as regards
professional fees and other costs

(3)

Time Frame
The engagement for the said engagement shall effect immediately after your conformity hereto and
shall continue unless terminated by either parties thirty days after written notice.
Responsibilities and Limitations
All procedures, as enumerated in the Scope of Work of this engagement proposal, shall be rendered in
good faith by competent/highly skilled professionals and in accordance with the engagement
parameters specified herein.
The Company shall be responsible for making available, upon request, all records and information
necessary to undertake the agreed services. Accordingly, the Company will also appoint a key person
to whom we can direct management-related inquiries and other concerns during the engagement.
To the extent permitted by law, TOP Business and IT Solutions, Inc. excludes all warranties, conditions
or terms, other than those expressly set out in the terms and conditions herein provided, including,
but not limited to, all warranties, conditions or terms implied in fact or by law. This shall not prejudice
any non-excludable statutory condition, warranty, guarantee, right, remedy or other benefit acquired
by the Company.
Termination
This engagement shall be terminated effectively on a thirty (30) days advance written notice after the
full payment of all monetary obligations. It is hereby understood that the monthly retainer fee is
subject to periodic review and adjustment upon mutual agreement.
Confidentiality
Any of the companys personal data provided to us will be treated as confidential and will only be used
for the purpose of this engagement. It is hereby agreed that we will not disclose any confidential
information we obtain in dealing with the companys affairs to any other person without their
permission except as required by the applicable law, rules or regulations, Court proceedings,
professional duty or professional indemnity insurance arrangement.
Confirmation
If the services outlined herein are in accordance with your requirements and if the terms and
conditions of the engagement are acceptable to you, please have one copy of this letter signed in the
space provided below and return this to us. Should you have any inquiries for the purpose of finalizing
the agreement, please contact us at telephone number (632) 659 4170.
Very truly yours,

JOEL POH
General Manager

(4)

The terms of this engagement are accepted by ____________________on behalf of the Company who
represents that he/she is authorized to accept these terms on behalf of the Company.

ZENTECH GLOBAL DEVELOPMENT, INC.

By:
______________________________
(Authorized Representative)
______________________________
(Position/Official Designation)
______________________________

(5)